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Customer complaints against banks ease
By Hu Xiaocen |
May 2, 2013, Thursday
|
Online Edition
Online Edition
COMPLAINTS lodged against wealth management products sold by banks in Shanghai fell during the first three months after the banking regulator launched a raft of measures to curb non-standardized sales of such instruments, according to the local regulator.
The China Banking Regulatory Commission Shanghai Office received 625 cases of consumer complaints for bank-related financial products and services in the first quarter, 39 percent lower than the same period a year ago, and 11 percent lower than the fourth quarter last year, the regulator said in a statement.
While the number of complaints fell in total, the proportion of cases against the wealth management products fell 1.6 percentage points from the previous quarter to 5.8 percent.
The CBRC in Beijing unveiled a series of measures earlier this year to rein in the rapidly-growing business by ordering lenders to keep separate accounts for each product and set aside capital as a buffer for potential losses.
Recently the CBRC Shanghai Office said local lenders are not allowed to sell third party-issued products in the same area of the outlet where deposits are taken. Additionally lenders should have audio and video recording systems at all sales counters by the end of the year.
The China Banking Regulatory Commission Shanghai Office received 625 cases of consumer complaints for bank-related financial products and services in the first quarter, 39 percent lower than the same period a year ago, and 11 percent lower than the fourth quarter last year, the regulator said in a statement.
While the number of complaints fell in total, the proportion of cases against the wealth management products fell 1.6 percentage points from the previous quarter to 5.8 percent.
The CBRC in Beijing unveiled a series of measures earlier this year to rein in the rapidly-growing business by ordering lenders to keep separate accounts for each product and set aside capital as a buffer for potential losses.
Recently the CBRC Shanghai Office said local lenders are not allowed to sell third party-issued products in the same area of the outlet where deposits are taken. Additionally lenders should have audio and video recording systems at all sales counters by the end of the year.
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